New data from the Office for National Statistics (ONS) has revealed the housing affordability levels in local authorities all over England and Wales.
The data revealed what the median house prices were every year since 1997, and, in south London, house prices have skyrocketed over the years.
In 1997, house prices in Richmond were higher than in any other borough in south London, with an average of £88,000.
Lewisham was the borough with the lowest average, with homes costing £46,950.
We have created a graph which shows how prices in Bexley, Bromley, Croydon, Greenwich, Kingston, Lambeth, Lewisham, Merton, Richmond, Southwark, Sutton, and Wandsworth have changed since 1997.
Up until 2000, Richmond and Lewisham remained the boroughs with the highest and lowest average house prices, respectively.
By the start of the millennium, houses in Richmond cost an average of £150,000, while Lewisham houses cost an average of £72,500.
In 2001, Richmond remained at the top with an average of £165,000, but prices in Lewisham rose and Bexley became the south London borough with the lowest average, with prices around £84,000.
By 2005, Bexley and Lewisham had the same average house price of £150,000.
By 2008, Richmond homes had an average of £285,750, and Bexley homes had an average of £172,650.
Following the 2008 financial crisis, averages in each south London borough dropped.
This may have been due to the recession, causing job losses, stricter mortgage lending, and reduced buyer confidence.
With fewer people able to secure mortgages and some homeowners forced to sell, demand fell while supply increased, driving prices down.
So, by 2009, Richmond prices dropped to £250,000, just £50 more than the average price in Wandsworth.
In 2013, Wandsworth overtook Richmond, with houses in the former having an average price of £322,500 and the latter having an average price of £320,000.
Wandsworth remained the south London borough with the highest average price of affordable housing until 2019, when the Richmond price reached £450,000, and the Wandsworth price stood at £439,250.
This lasted just a year, as in 2020, Wandsworth saw a significant jump to £475,000.
This may have been driven by factors such as the impact of the COVID-19 pandemic, which led to shifts in buyer priorities as many sought more space and suburban areas for remote working.
Meanwhile, Bexley still had the lowest average price, with £295,000 in 2020.
In 2021, the Richmond price reached £481,250, and Wandsworth dropped to £475,000.
Since 2021, Richmond has had the highest average price.
In 2024, homes in Richmond had an average price of £500,000.
Croydon had the lowest average price, with affordable homes standing at £307,500.
Nathan Emerson, CEO of Propertymark, a leading professional body for property agents, said: “These figures suggest that housing continues to play a vital role in the UK economy and that an uplift in housing activity can help generate further economic growth.
“With the Planning and Infrastructure Bill heading through Parliament, this should pave the way for 1.5 million new homes across England and Wales before the next general election and should contribute positively towards stabilising supply and demand levels and help keep pace with predicted population growth across the forthcoming years.
“Although the last Bank of England Money and Credit Report suggested that net mortgage approvals for house purchases decreased slightly at the start of this year, there is currently a strong appetite to borrow in order to purchase a potential new home.
“The same report suggested overall net borrowing rose by £0.9 billion.
“Today’s news should deliver a sense of confidence to those considering taking ether their first or next step on the housing ladder.”
